China's economic network, beijing, march 29th. (52) it appears that there are irregularities in the delivery of vehicle repair and maintenance services to customers through the garages by the first operating department of the dalian branch of the chinese people's property insurance company ltd. Under article 116, paragraph 4, and article 161 of the law of the people's republic of china on insurance (as amended in 2015), the superintendency of the bank of dalian was fined $250,000。
On the same day, dalian's superintendence of insurers revealed the verdict of the u. S. S. S. S. S. According to no. 50, china people's property insurance co. Ltd., the second business department of the dalian municipal branch also received a fine of $300,000 from the daeren bank insurance and monitoring board for illegal violations of the law relating to the donation of vehicle maintenance services to customers through the garage。
Article 116 of the law of the people's republic of china on insurance provides that insurance companies and their employees shall not, in the course of their insurance activities, engage in:
(i) the fraud of the insured person, the insured person or the beneficiary
(ii) the concealment of material information relating to the insurance contract from the insured person
(iii) obstructing an insured person from fulfilling an obligation to inform in good faith under this law or inducing him to fail to comply with an obligation to inform in good faith under this law
(iv) the granting or undertaking to give to the insured person, the insured person or the beneficiary of a premium rebate or other benefit other than that agreed in the insurance contract
(v) refusal to comply legally with the compensation or obligation to pay the insurance contract
(vi) deliberately fabricating insurance incidents that have not occurred, falsifying insurance contracts or deliberately exaggerating the extent of the losses caused by insurance accidents that have occurred, fraudulently extracting insurance premiums or making other undue profits
(vii) misappropriation, retention and premia
(viii) the commission of insurance sales to institutions that do not have legal qualifications
(ix) the use of insurance operations for the benefit of other institutions or individuals
(x) the use of insurance agents, insurance brokers or insurance evaluation bodies to engage in illegal activities such as the collection of fees, for example, for the creation of a false insurance intermediary or for the creation of a back insurance
(xi) undermining the business credibility of competitors by falsifying, disseminating false facts, or disrupting the order of the insurance market by other unfair competition
(xii) the disclosure of the trade secrets of the insured and insured persons known in the course of their business activities
(xiii) violations of laws, administrative regulations and other acts stipulated by the state council insurance supervisory authority。
Article 161 of the law of the people's republic of china on insurance provides that if an insurance company has one of the acts provided for in article 116 of this law, it shall be corrected by an order of the insurance supervisory authority and shall be liable to a fine of between $50,000 and $300,000; in serious cases, it shall restrict the scope of its business, order its acceptance of new business or revoke its licence。
The following is the original sentence:
